MARSH & MCLENNAN COMPANIES, INC. – 10-Q – Management's Discussion and Analysis of Financial Condition and Results of Operations.

General

Marsh & McLennan Companies, Inc. and its consolidated subsidiaries (the
"Company") is a global professional services firm offering clients advice in the
areas of risk, strategy and people. The Company's 83,000 colleagues advise
clients in over 130 countries. With annual revenue of approximately $20 billion,
the Company helps clients navigate an increasingly dynamic and complex
environment through four market-leading businesses. Marsh provides data-driven
risk advisory services and insurance solutions to commercial and consumer
clients. Guy Carpenter develops advanced risk, reinsurance and capital
strategies that help clients grow profitably and identify and capitalize on
emerging opportunities. Mercer delivers advice and solutions that help
organizations create a dynamic world of work, shape retirement and investment
outcomes, and unlock health and well being for a changing workforce. Oliver
Wyman Group serves as a critical strategic, economic and brand advisor to
private sector and governmental clients.

The Company conducts business through two segments:

•Risk and Insurance Services includes risk management activities (risk advice,
risk transfer and risk control and mitigation solutions) as well as insurance
and reinsurance broking and services. The Company conducts business in this
segment through Marsh and Guy Carpenter.

•Consulting includes health, wealth and career consulting services and products,
and specialized management, economic and brand consulting services. The Company
conducts business in this segment through Mercer and Oliver Wyman Group.

The results of operations in the Management Discussion & Analysis ("MD&A")
includes an overview of the Company's consolidated three months ended March 31,
2022 results compared to the corresponding quarter in 2021, and should be read
in conjunction with the consolidated financial statements and notes. This
section also includes a discussion of the key drivers impacting the Company's
financial results of operations both on a consolidated basis and by reportable
segments.

We describe the primary sources of revenue and categories of expense for each
segment in the discussion of segment financial results. A reconciliation of
segment operating income to total operating income is included in Note 18,
Segment Information, in the notes to the consolidated financial statements
included in Part I, Item 1 of this report.

For information on the three months ended March 31, 2021 results and similar
comparisons, see "Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations" of our Form 10-Q for the quarter ended
March 31, 2021.

This MD&A contains forward-looking statements as that term is defined in the
Private Securities Litigation Reform Act of 1995. See "Information Concerning
Forward-Looking Statements" at the outset of this report.

Financial Highlights

•Consolidated revenue for the three months ended March 31, 2022 was $5.5
billion, an increase of 9% or 10% on an underlying basis.

•Consolidated operating income increased $87 million, or 6% to $1.4 billion for
the three months ended March 31, 2022 compared to the corresponding quarter in
the prior year. Net income attributable to the Company was $1.1 billion.
Earnings per share increased 10% to $2.10.

•Risk and Insurance Services revenue for the three months ended March 31, 2022
was $3.5 billion, an increase of 10%, or 11% on an underlying basis. Operating
income was $1.1 billion for the three months ended March 31, 2022, compared to
the corresponding quarter in the prior year.

•Consulting revenue for the three months ended March 31, 2022 was $2.0 billion,
an increase of 7%, or 10% on an underlying basis. Operating income was $392
million, compared with $361 million for the three months ended March 31, 2021.

•Results for the three months ended March 31, 2022 include a loss of $52 million
on the deconsolidation of the Company's Russian businesses and other related
charges. On March 10, 2022, the Company also announced it would exit its
businesses in Russia and transfer ownership of its Russian entities to local
management who will operate independently in the Russian market.

•In the first quarter of 2022 the Company repurchased 3.2 million shares of
stock for $500 million.

For additional details, refer to the Consolidated Results of Operations and
Liquidity and Capital Resources sections in this MD&A.

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Acquisitions and dispositions impacting the Risk and Insurance Services and
Consulting segments are discussed in Note 8, Acquisitions and Dispositions, in
the notes to the consolidated financial statements.

Deconsolidation of Russia

On February 24, 2022, Russian forces launched a military invasion of Ukraine. In
response, the United States, the European Union, United Kingdom and other
governments have imposed significant economic sanctions on Russia, and Russia
has responded with counter-sanctions. The war in Ukraine has disrupted
international commerce and the global economy.

On March 10, 2022, the Company announced it would exit its businesses in Russia
and transfer ownership of its Russian businesses to local management who will
operate independently in the Russian market.

In the first quarter of 2022, the Company concluded that it does not meet the
accounting criteria for control over its wholly-owned Russian businesses due to
the evolving trade and economic sanctions against Russia and related Russian
counter-sanctions. These sanctions include restrictions on payments to and from
Russian companies and reduced currency access through official exchange markets
that have significantly impacted the Company's ability to effectively manage and
operate its Russian businesses. For the three months ended March 31, 2022, the
Company recorded a loss of $52 million on the deconsolidation of the Russian
businesses and other related charges. Refer to Note 8, Acquisitions and
Dispositions, in the notes to the consolidated financial statements for
additional information on the deconsolidation of the Russian businesses.

The Company continues to monitor the ongoing situation and its potential impact
on our business, financial condition, results of operations and cash flows.

Business Update Related To COVID-19

For over two years, the COVID-19 pandemic has impacted businesses globally
including in every geography in which the Company operates. Our businesses have
remained resilient throughout the pandemic and demand for our advice and
services remains strong.

The Company had strong revenue growth for the first three months of 2022.
However, uncertainty remains in the economic outlook, and the ultimate extent of
the impact of COVID-19 to the Company will depend on future developments that it
is unable to predict, including new "waves" of infection from emerging variants
of the virus and potential renewed restrictions and mandates by various
governments or agencies.

Factors that could adversely affect the Company's financial statements related
to the financial and operational impact of COVID-19 are outlined in "Item 1A -
Risk Factors" in the Company's Form 10-K for the year ended December 31, 2021.

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